FUTURE ELECTRONICS LIMITED
Company number: 02087867
Reporting period:
1 July 2022 to
31 December 2022
This report was filed on 13 January 2023
and approved by Gary Oliver
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 42%
- in 61 days or more: 2%
Invoices due but not paid within agreed terms: 42%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
The most frequent payment terms used are 30 days paid by electronic funds transfer. In our industry (electronic components distribution), payment terms tend to be determined by the individual supplier.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Any payment disputes are dealt with by the relevant department with assistance from the Accounts Payable teams. We aim to resolve disputes within the payment period. Otherwise we maintain regular contact with the supplier in question to try and resolve as quickly as possible.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No